MakerDAO Integrates StarkNet as Part of Multichain Strategy

MakerDAO, the decentralized organization (DAO) behind the DAI stablecoin, is set to integrate the Ethereum Layer 2 network StarkNet on April 28 in a move toward a multi-chain future by gradually bridging to other protocols. The integration of MakerDAO with StarkNet will significantly lower the cost of DAI transactions and minting compared to the Ethereum mainnet. Other benefits include the ability for users to make faster withdrawals. As for reducing DAI minting time, users can execute transactions on StarkNet within one to two minutes, compared to three to eight hours on the Ethereum mainnet. MakerDAO Engineering Team Working Toward StarkNet Integration As of now, a dedicated MakerDAO engineering team is working on implementing a multiphase roadmap for the StarkNet integration. The first step involves building a simple bridge with a wallet interface. The next phases includes the release of fast withdrawals, slated for Q2 2022, followed by near-instant DAI withdrawals and, ultimately, MakerDAO’s full-scale integration with StarkNet. StarkNet, developed by StarkWare, uses ZK-rollup, a Layer 2 technology that rolls off Ethereum transactions off the main chain to support a larger number of transactions at a lower cost.The post MakerDAO Integrates StarkNet as Part of Multichain Strategy first appeared on Cryptoknowmics-Crypto News and Media Platform.The post MakerDAO Integrates StarkNet as Part of Multichain Strategy appeared firs...